Knowledge Bureau Poll: Tax Cut Doesn’t Cut It!

The Notice of Ways and Means Motion was released on May 27, but the 1% tax rate cut going into effect on July 1, didn’t cut it with Knowledge Bureau Report readers who responded to our May Poll.  A decisive 90% of respondents said “No” when asked: does the new government’s promise to cut the lowest personal income tax rate by 1% to 14%, (14.5% in 2025) go far enough to help Canadians impacted by high costs?  Here were their comments and suggested alternatives based on real life experiences with the after-tax income their struggling clients are left with:

Seniors, post-secondary grads, and Gramma – all demographics will feel the effects of Liberal Premier Brian Gallant’s Liberal budget, presented  in New Brunswick on Tuesday, March 31.

What is the best way for governments to support families with children?, had a plethora of comments and an abundance of ideas.

The great tax filing race is on. Most people know that April 30, the tax filing deadline for individual taxpayers, is three weeks away.

NOW AVAILABLE:  Learn about the Family Tax Cuts and more – FREE with the purchase of Jacks on Tax.

The Tax Court of Canada (Descarries Et Al. v. The Queen (2014) TCC 75) recently had occasion to consider an interesting tax planning scheme that ultimately fell foul of the General Anti-Avoidance Rule (GAAR).  

Meet Dean Cockell, MFA.